GGL/SEC/221/2016 17th May, 2016 CJ GUJARAT GAS To, Bombay Stock Exchange Limited, Ahmedabad Stock Exchange Limited, Phiroze Jijibhoy Tower, Kamdhenu Complex,Nr. Panjara Pole, Dalal Street, Mumbai Ambawadi,Ahmedabad 380 015 Company Code: BSEGUJGAS, Vadodara Stock Exchange Limited, National Stock Exchange of India Ltd. 3 rd Floor, Fortune Towers, Exchange Plaza, 5 th Floor, Plot No. C/1, G Block, Sayajigunj,Vadodara Bandra Kuria Complex, Bandra (East), Mumbai 400 051 Company Code: NSEGUJGASLTD. Sub: Approval of Audited financial Results for year ended March 31, 2016 and recommendation of dividend. Dear Sir/ Madam, This is to inform you that in the Board meeting held today, the Board approved the Audited Financial Results (Standalone and Consolidated) for the quarter / year ended March 31, 2016. The Board also recommended dividend of Rs. 2.5/ per Equity Share of Rs.10/ each to the shareholders for the financial year 201516 in the same meeting. Pursuant to Regulation 33 of SEBI (Listing Obligations and disclosures Requirements) Regulations, 2015, we enclose the following: (i) (ii) (iii) Statements showing the Audited Financial Results (Standalone and Consolidated) for the quarter/ year ended March 31, 2016; Form A Standalone and Consolidated; Auditors' Report on the Audited Financial Results Standalone and Consolidated. This is for your information and record. Thanking you. Yours faithfully, For Gujarat Gas Limited ead Rajeshwari Sharma Company Secretary Encl. As above. GUJARAT GAS LIMITED (A GSPC Group Company Government of Gujarat Undertaking) (Formerly known as GSPC Distribution Networks Limited) Corporate Office : 2, Shanti Sadan Society, Near Parimal Garden, Ellisbridge, Ahmedabad 380 006, Gujarat, India. Tel.: +91 7926462980, 26460095 Fax : +917926466249 Registered Office : Block No. 15, 3rd Floor, Udyog Bhavan, Sector11, Gandhinagar 382 011, Gujarat, India. Website : www.gujaratgas.com, www.gspcgroup.com CIN : L40200GJ2012SGC069118
Gujarat Gas Limited (Formerly known as GSPC Distribution Networks Limited) 3rd Floor, Block No. 15 Udyog Bhavan, Sector11, Gandhinagar 382011, District: Gandhinagar, Gujarat web site: www.gujaratgas.com CIN : U40200GJ2012SGC069118 STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED ON 31ST MARCH 2016 Sr. No. Particulars 3 months ended on 31/03/2016 (Audited) 3 months ended on 31/12/2015 (Unaudited) 12 months ended on 31/03/2016 (Audited) Rs. in Crores 12 months ended on 31/03/2015 (Audited) 1 Income from Operations (a) Net sales (Net of excise duty) 1,360.55 1,470.95 6,050.58 8,935.54 (b) Other Operating Income 17.58 13.63 55.28 70.72 Total Income from Operations (net) 1,378.13 1,484.58 6,105.86 9,006.26 2 Expenses (a) Cost of material consumed 1,022.80 1,209.71 4,909.73 7,449.15 (b) Purchases of StockinTrade 4.39 28.37 (c) Changes in inventories 0.07 0.10 0.31 0.48 (d) Employee benefits expense 35.15 39.14 131.67 115.19 (e) Depreciation and Amortisation 63.60 64.00 245.69 237.68 (f) Other expenses 98.80 78.89 334.85 308.99 Total Expenses 1,220.42 1,391.84 5,626.64 8,139.86 3 Profit from Operations before Other Income, Finance Costs & 157.71 92.74 479.22 866.40 Exceptional Items (12) 4 Other Income 6.13 7.52 44.67 107.14 Profit from Ordinary Activities before Finance Costs & Exceptional Items (3+4) 163.84 100.26 523.89 973.54 6 Finance Costs 58.60 54.58 246.02 331.28 7 Profit from Ordinary Activities after Finance Costs but before 105.24 45.68 277.87 642.26 Exceptional Items (56) 8 Exceptional Items (refer note 4) (25.62) (25.62) (0.82) 9 Profit from Ordinary Activities before Tax (7+8) 79.62 45.68 252.25 641.44 10 Tax expense 21.54 25.55 99.30 197.86 11 Net Profit from Ordinary Activities after tax (910) 58.08 20.13 152.95 443.58 12 Extraordinary Items [net of tax expense] 13 Net Profit for the period (1112) 58.08 20.13 152.95 443.58 14 Paidup Equity Share Capital (Face Value Rs. 10 each) 137.68 137.68 137.68 137.68 15 Reserves excluding revaluation reserves 1,965.10 1,853.23 16(i) Basic & Diluted Earnings Per Share in Rs. (before 4.22 1.46 11.11 32.22 extraordinary items) (Face Value Rs. 10 each) (not annualised) 16(ii) Basic & Diluted Earnings Per Share in Rs. (after extraordinary 4.22 1.46 11.11 32.22 items) (Face Value Rs. 10 each) (not annualised) Notes: 1 The above results were reviewed by Audit Committee and approved by the Board Gandhinagar. 2 The Company primarily operates in the segment of Natural Gas Business. Accordingly, segments under the Accounting Standard 17 on Segment Reporting specified under the Companies (Accounts) Rules, 2014 are not relevant to the Company. 3 Composite Scheme of Amalgamation and Arrangement, with appointed date as 1 April, 2013, between GSPC Gas Company Limited ("GSPC Gas"), Gujarat Gas Company Limited ("GGCL"), Gujarat Gas Financial Services Limited ("GFSL"), Gujarat Gas Trading Company Limited ("GTCL") and GSPC Distribution Networks Limited ("GDNL") was approved by Hon'ble Gujarat High Court vide its order dated 30 March 2015. The certified copy of order is received on 18 April 2015. The order was filed with ROC on 14 May 2015 and Company is renamed as Gujarat Gas Limited (GGL) vide ROC certificate dated 15 May 2015. Consequently the effect of the scheme is given in the accounts for the Financial Year 201314 which were reopened and revised vide order of the Hon'ble Highcourt of Gujarat dated 06 July 2015. 4 Exceptional item pertains to stamp duty charges and other expenses incurred pursuant 5 The figures for the quarter ended 31 March 2016 are the balancing figures between the audited figures in respect of the full financial year ended 31 March 2016 and the published year to date figures up to 31 December 2015 subjected to limited review. 6 The Company's Equity Shares have been listed with stock exchanges from 15 September 2015. The financial results for the quarter ended on 31 March 2016 are drawn for the first time in accordance with Regulation 33 SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015 and hence the comparative figures for the quater ended on 31 March 2015 have not been given. 7 The Board of Directors has recommended a dividend of Rs. 2.50 per Equity Share (including dividend distribution tax of Rs. 7.01 Crores) for the year ended 31 March, of Directors in the meeting held on 17 May 2016 at disclosures relating to primary and secondary business section 133 of the Companies Act, 2013 read with Rule 7 of to Scheme of Amalgamation and Arrangement. of face value of Rs. 10 each aggregating to Rs. 41.43 Crores 2016. 8 Previous period figures have been reclassified / regrouped wherever considered necessary to conform to the current period figures. Place: Gandhinagar Date : 17 May 2016 For Gujarat Gas Limited G.R. Aloria, IAS CHAIRMAN / 1
Gujarat Gas Limited (Formerly known as GSPC Distribution Networks Limited) 3rd Floor, Block No. 15 Udyog Bhavan, Sector11, Gandhinagar 382011, District: Gandhinagar, Gujarat web site: www.gujaratgas.com CIN : U40200GJ2012SGC069118 AUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH, 2016 Particulars EQUITY AND LIABILITIES Rs. in Crores As at 31032016 As at 31032015 Shareholders' Funds a. Share Capital 137.68 137.68 b. Reserves and Surplus 1,965.10 1,853.23 Subtotal Shareholders' Funds 2,102.78 1,990.91 Noncurrent liabilities a Longterm borrowings 1,707.56 1,490.78 b. Deferred tax liabilities (net) 410.28 352.77 c. Other Long term liabilities 610.02 578.67 d. LongTerm provisions 25.03 21.90 Subtotal Noncurrent liabilities 2,752.89 2,444.12 Cr) CA Current liabilities a. Trade payables 251.61 424.56 b. Other Current liabilities 914.63 1,950.53 c. Shortterm provisions 53.07 85.48 Subtotal Current liabilities 1,219.31 2,460.57 TOTAL EQUITY AND LIABILITIES 6,074.98 6,895.60 ASSETS Noncurrent assets a. Fixed assets 5,142.32 4,844.05 b. Noncurrent investments 162.03 162.03 c. Longterm loans and advances 335.96 257.32 Subtotal Noncurrent assets 5,640.31 5,263.40 Current assets a. Current investments 936.99 b. Inventories 41.34 41.09 c. Trade receivables 265.86 360.60 d. Cash and cash equivalents 67.84 237.41 e. Shortterm loans and advance 24.13 15.07 f. Other current assets 35.50 41.04 Subtotal Current assets 434.67 1,632.20 1 TOTAL ASSETS 6,074.98 6,895.60 Place: Gandhinagar Date : 17 May 2016 GA S For Gujarat Gas Limited D 0 GUJARAT GAS 0 <t" fi tit` G.R. Alo a, IAS CHAIRMAN 3 if
' Gujarat Gas Limited (Formerly known as GSPC Distribution Networks Limited) 3rd Floor, Block No. 15 Udyog Bhavan, Sector11, Gandhinagar 382011, District: Gandhinagar, Gujarat web site: www.gujaratgas.com CIN : U40200GJ2012SGC069118 STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED ON 31ST MARCH 2016 Sr. No. Particulars 12 months ended on 31/03/2016 12 months ended on 31/03/2015 1 Income from Operations (a) Net sales (Net of excise duty) (b) Other Operating Income Total Income from Operations (net) 2 Expenses (a) Cost of material consumed (b) Purchases of StockinTrade (c) Changes in inventories (d) Employee benefits expense (e) Depreciation and Amortisation (f) Other expenses Total Expenses 3 Profit from Operations before Other Income, Finance Costs & Exceptional Items (12) 4 Other Income 5 Profit from Ordinary Activities before Finance Costs & Exceptional Items (3+4) 6 Finance Costs Profit from Ordinary Activities after Finance Costs but before Exceptional Items (56) Exceptional Items (Refer note 4) Profit from Ordinary Activities before Tax (7+8) 10 Tax expense 11 Net Profit from Ordinary Activities after tax (910) 12 Extraordinary Items [net of tax expense] 13 Net Profit for the period (1112) 14 Share of Profit of Associate 15 Net Profit after Taxes & Share of Profit of Associate (13+14) 16 Paidup Equity Share Capital (Face Value Rs. 10 each) 17 Reserves excluding revaluation reserves 18(i) Basic & Diluted Earnings Per Share in Rs. (before extraordinary items) (Face Value Rs. 10 each) (not annualised) 18(ii) Basic & Diluted Earnings Per Share in Rs. (after extraordinary items) (Face Value Rs. 10 each) (not annualised) 30, 6,050.58 8,935.54 55.28 70.72 6,105.86 9,006.26 4,909.73 7,449.15 4.39 28.37 0.31 0.48 131.67 115.19 245.69 237.68 334.85 308.99 5,626.64 8,139.86 479.22 866.40 44.67 107.14 523.89 973.54 246.02 331.28 277.87 642.26 (25.62) (0.82) 252.25 641.44 99.30 197.86 152.95 443.58 152.95 443.58 2.92 2.96 155.87 446.54 137.68 137.68 1,987.12 1,872.33 11.32 32.43 11.32 32.43 Notes: 1 2 3 The above results were reviewed by Audit Committee and approved by the Board of Directors in the meeting Gandhinagar. held on 17 May 2016 at The Company primarily operates in the segment of Natural Gas Business. Accordingly, disclosures relating to primary and secondary business segments under the Accounting Standard 17 on Segment Reporting specified under section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 are not relevant to the Company. Composite Scheme of Amalgamation and Arrangement, with appointed date as 1 April, 2013, between GSPC Gas Company Limited ("GSPC Gas"), Gujarat Gas Company Limited ("GGCL"), Gujarat Gas Financial Services Limited ("GFSL"), Gujarat Gas Trading Company Limited ("GTCL") and GSPC Distribution Networks Limited ("GDNL") was approved by Hon'ble Gujarat High Court vide its order dated 30 March 2015. The certified copy of order is received on 18 April 2015. The order was filed with ROC on 14 May 2015 and Company is renamed as Gujarat Gas Limited (GGL) vide ROC certificate dated 15 May 2015. Consequently the effect of the scheme is given in the accounts for the Financial Year 2013 14 which were reopened and revised vide order of the Hon'ble Highcourt of Gujarat dated 06 July 2015. 4 Exceptional item pertains to stamp duty charges and other expenses incurred pursuant to Scheme of Amalgamation and Arrangement. 5 These financial results comprise consolidation of the financial results of Gujarat Gas Limited (The Company) and its associate company Guj Info Petro Limited (collectively referred to as 'the Group'). The financial results have been prepared in accordance with the Accounting Standard 23 'Accounting for investments in assocates in Consolidated Financial Statements. ' specified under section 133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014 6 The Board of Directors has recommended a dividend of Rs. 2.50 per Equity Share of face value of Rs. 10 each aggregating to Rs. 41.43 Crores (including dividend distribution tax of Rs. 7.01 Crores) for the year ended 31 March, 2016. 7 Previous period figures have been reclassified / regrouped wherever considered necessary to conform to the current period figures. Place: Gandhinagar Date : 17 May 2016 Nt' :ID c'''s'' G.."" n AS ON For Gujarat Gas Limited h 0 G.R. Aloria, IAS * CHAIRMAN
Gujarat Gas Limited (Formerly known as GSPC Distribution Networks Limited) 3rd Floor, Block No. 15 Udyog Bhavan, Sector11, Gandhinagar 382011, District: Gandhinagar, Gujarat web site: www.gujaratgas.com CIN : U40200GJ2012SGC069118 AUDITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH, 2016 Particulars A EQUITY AND LIABILITIES 1 Shareholders' Funds a. Share Capital b. Reserves and Surplus Subtotal Shareholders' Funds 2 Noncurrent liabilities a Longterm borrowings b. Deferred tax liabilities (net) c. Other Long term liabilities d. LongTerm provisions Subtotal Noncurrent liabilities 3 Current liabilities a. Trade payables b. Other Current liabilities c. Shortterm provisions Subtotal Current liabilities Rs. in Crores As at 31032016 As at 31032015 137.68 137.68 1,987.12 1,872.33 2,124.80 2,010.01 1,707.56 1,490.78 410.28 352.77 610.02 578.67 25.03 21.90 2,752.89 2,444.12 251.61 424.56 914.63 1,950.53 53.07 85.48 1,219.31 2,460.57 TOTAL EQUITY AND LIABILITIES 6,097.00 6,914.70 B ASSETS 1 Noncurrent assets a. Fixed assets b. Noncurrent investments c. Longterm loans and advances Subtotal Noncurrent assets 2 Current assets a. Current investments b. Inventories c. Trade receivables d. Cash and cash equivalents e. Shortterm loans and advance f. Other current assets Subtotal Current assets TOTAL ASSETS 5,142.32 4,844.05 184.05 181.13 335.96 257.32 5,662.33 5,282.50 936.99 41.34 41.09 265.86 360.60 67.84 237.41 24.13 15.07 35.50 41.04 434.67 1,632.20 6,097.00 6,914.70 Place: Gandhinagar Date : 17 May 2016 CSI 1... D For Gujarat Gas Limited,,..0_, G.R. A.1..rits_ loria, CHAIRMAN
FORM A (for audit report with unmodified opinion) [Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015] 1. Name of the company Gujarat Gas Limited (Formerly Known as GSPC Distribution Networks Limited) 2. Annual financial statements for 31 st March 2016 (Standalone) the year ended 3. Type of Audit observation Unmodified 4. Frequency of observation Not Applicable 5. To be signed by 7 CFO Shri Nitesh Bhandari Incharge CEO Shri Nitin Patil Chairman, Audit Committee Auditor of the Company Idkia Shri Jal Patel For, Manubhai & Shah, LLP ICAI Firm Regn No. 106041W/W100136.10 41 1 G R Parmar Partner (Membership No 121462) 141142d)1.'310?03, i
FORM A (for audit report with unmodified opinion) [Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015] 1. Name of the company Gujarat Gas Limited (Formerly Known as GSPC Distribution Networks Limited) 2. Annual financial statements for 31 st March 2016 (Consolidated) the year ended 3. Type of Audit observation Unmodified 4. Frequency of observation Not Applicable 5. To be signed by CFO Shri Nitesh Bhandari, Incharge CEO Shri Nitin Patil Chairman, Audit Committee Auditor of the Company Shri Jal Patel For, Manubhai & Shah, LLP ICAI Firm Regn No. 106041W/W100136 4../ V? 10 ' ' armar \\ oq). ` Partner (Membership No 121462) cl, 1;'),,,,
NI a ri Li 13 1i i 8c Shah LLP Auditor's Report on Quarterly Standalone Financial Results and Standalone Year to Date Results of Gujarat Gas Limited (Formerly known as GSPC Distribution Networks Limited) Pursuant to the Regulation 33 of the SEB1 (Listing Obligations and Disclosure Requirements) Regulations, 2015 To The Board of Directors, Gujarat Gas Limited (Formerly Known as GSPC Distribution Networks Limited) 1. We have audited the quarterly standalone financial results ("the Statement") of Gujarat Gas Limited (Formerly known as GSPC Distribution Networks Limited) ("the Company") for the quarter ended March 31, 2016 and the year to date standalone financial results for the period from April 01, 2015 to March 31, 2016, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The quarterly standalone financial results are the derived figures between the audited figures in respect of the year ended March 31, 2016 and the published year to date figures up to December 31, 2015, being the date of the end of the third quarter of the current financial year, which were subject to limited review. The standalone financial results for the quarter ended March 31, 2016 have been prepared on the basis of the standalone financial results for the ninemonth period ended December 31, 2015, the audited annual standalone financial statements as at and for the year ended March 31, 2016 and the relevant requirements of Regulations, 2015 and are the responsibility of the Company's management and have been approved by the Board of Directors of the Company. Our responsibility is to express an opinion on these standalone financial results based on our review of the standalone financial results for the ninemonth period ended December 31, 2015, which have been prepared in accordance with the recognition and measurement principles laid down Accounting Standard (AS) 25, Interim Financial Reporting, prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India; our audit of the annual standalone financial statements as at and for the year ended March 31, 2016; and the relevant requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement. An audit includes examining, on test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and the significant estimates made by the Management. We believe that our audit provides a reasonable basis for our opinion. 2 nd Floor, 'B' Wing, Premium House. Near Gandhigram Rly.Station, Navrangpu 380009. Gujarat, India. Phone : 26580956. 26580966, 26582484, 26585064 Fax : 917926583573 Email : info@msglobal.co.in Ahmedabad Mumbai Rakjot Jamnagar Baroda Website : www.msglobal.cain Manubhai & Shah (Registration No. GUJ/AHD/33849) a Partnership Firm was converted into Manubhai & Shah LLP (LLP identification No.AAG0878) a Limited Liability Partnership with effect from 1st April. 2016 H
3. In our opinion and to the best of our information and according to the explanations given to us these quarterly standalone financial results as well as the year to date results: i. are presented in accordance with the requirements Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and ii. give a true and fair view of the net profit and other financial information for the quarter ended March 31, 2016 and for the year ended March 31, 2016. For, Manubhai & Shah LLP ICAI Firm Regn. No. 106041W/W100136 Place: Ahmedabad Date : I/ PtA Ma/ 20%) e P a,"" (G. R. ner Membership No. 121462
ra Li la 11 i 8c Sha h LLP Auditor's Report On Consolidated Year to Date Results of Gujarat Gas Limited (Formerly known as GSPC Distribution Networks limited) Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 To Board of Directors Gujarat Gas Limited (Formerly known as GSPC Distribution Networks Limited) 1. We have audited the consolidated financial results of Gujarat Gas Limited (Formerly known as GSPC Distribution Networks Limited) ("the Holding Company") and its associate company, Guj Info Petro Limited (collectively referred to as "the Group") for the consolidated year to date results for the period from April 01, 2015 to March 31, 2016 attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The consolidated year to date financial results have been prepared from consolidated annual financial statements, which are the responsibility of the company's management. Our responsibility is to express an opinion on these consolidated financial results based on our audit of such consolidated annual financial statements, which have been prepared in accordance with the recognition and measurement principles prescribed under applicable accounting standards under Section 133 of the Companies Act, 2013 read with relevant rules thereunder and other accounting principles generally accepted in India. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion. 2na Floor. 'B' Wing. Premium House. Near Gandhigram RIy.Station, Navrangpura, Ahmedabad 380009. Gujarat, India. Phone : 26580956. 26580966, 26582484, 26585064 Fax : 917926583573 Email : info@msglobal.co.in Website : www.msglobal.co.in Ahmedabad Mumbai Rakjot Jamnagar Baroda I Manubhai & Shah (Registration No. GUJ/AHD/33849) a Partnership Firm was converted into Manubhai & Shah LLP 1 0 ii (LLP identification No.AAG0878) a Limited Liability Partnership with effect from 1st April, 2016
3. We did not audit the financial result of associate company, from which the share of profit of the Holding Company included in this statement is Rs. 2.95 Crores being share of profit for the financial year 201516 and Rs. 22.05 Crores being share of accumulated profit upto 31.03.2016. The financial result of the associate company has been audited by other auditor whose report has been furnished to us by the Management, and our opinion on the consolidated year to date results is based solely on the report of such auditor. 4. In our opinion and to the best of our information and according to the explanations given to us this consolidated year to date results: (I) include the year to date financial results of Gujarat Gas Limited (Formerly known as GSPC Distribution Networks Limited) and its associate company, Guj Info Petro Limited; have been presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and give a true and fair view of the consolidated net profit and other financial information for the consolidated year to date results for the period from April 01, 2015 to March 31, 2016. For, Manubhai & Shah LLP ICAI Firm Regn. No. 106041W/W100136 Place: Ahmedabad Date : li r%) "1 1 9' 16 artner arm r) Membership No. 121462 10